The Shocking Truth Behind Miley Cyrus' $50,000 'Engagement' Ring

Miley showed off her massive diamond rock on Twitter earlier — and HollywoodLife has all the exclusive details about it!

After Miley Cyrustweeted a picture of herself wearing a HUGE diamond ring on her wedding finger earlier today, the internet went abuzz speculating that the 19-year-old actress had gotten engaged to her hunky boyfriend Liam Hemsworth. So what’s the truth?

“They are very much in love, they are not engaged,” an inside source tells Hollywoodlife, adding that Liam didn’t even buy her the ring.

We can reveal a little bit more about the bauble, though. Miley’s ring appears to be a three-carat round diamond ring with an eight-prong gold setting worth around $50,000, according to experts at 47 St. Diamond exchange. “They don’t sell rings like that anymore,” the diamond expert added. “It looks too old to have been purchased recently.”

Maybe it’s a family heirloom!

Reporting by Russ Weakland and Milly Contreras, Written by Jennifer Kamm